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Dudley BS drops postcode lending restrictions

Dudley Building Society has removed its postcode restrictions and will now lend on a national basis.

Previously, the building society restricted its lending to the West Midlands and the Black Country for people with DY and WV post codes.

But Dudley chief executive Jeremy Wood says a more competitive mortgage market has allowed the society to lend on a national basis without the worry of being “flooded out”.

Wood says: “Up until relatively recently, we were a little concerned that we did not want to be flooded out and deal with large volumes. But the market has changed significantly over the past few months and availability of finance is much better, so we thought instead of making our lending restrictive let’s make it available to all comers.”

MoneyQuest managing director Simon Jackson says: “It is good to see smaller players like Dudley looking to expand its offering. It is a sign of an improving market.”

Dudley, which has around £321m in assets, will lend up to 90 per cent loan-to-value for house purchases and offers residential, buy-to-let, self-build and shared ownership products through intermediaries.

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